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Report: Missouri home sales up 16 percent in July

Report: Missouri home sales up 16 percent in July

September 8th, 2013 in News

Missouri's real estate market experienced positive trends last month, according to recent Missouri Realtors data.

Home sales for July showed a 16 percent increase compared with July 2012. Both the average and median prices were up as well while the time it took to sell a home dropped 12 days. With solid home sales, moderate price appreciation and, a reduction in time on market and low mortgage rates, the current state of the market shows favorable conditions to both sellers and buyers.

July 2013 compared to July 2012:

• 6,978 homes sold in July 2013, a double-digit increase of 16.1 percent compared with 6,012 home sold in 2012.

• Homes sold faster in July, reflected by a 9 percent decrease in the number of days a home sat on the market, going from 136 days down to 124.

• Both the average and median home prices for July were up double digits. The average price rose to $172,804, compared with $152,350 a year ago, and the median price of $140,000 was up from $125,000 in 2012. July marks the 25th consecutive month of year-over-year gains in home sales.

July 2013 compared with the previous month of June 2013:

• July showed an increase of 6.2 percent with 6,978 homes sold, compared with 6,568 in June.

• Homes spent an average of 124 days on the market, one day less than the previous month.

• The average selling price of $172,804 for July increased 1 percent over $171,278 in June.

• The median price of $140,000 for July remained flat compared to $139,900 in June.

The latest statistical information reveals that home prices in Missouri have remained higher throughout 2013 in comparison with 2012. The median purchase price of a home throughout the current year has been $127,500. In comparison of the same period in 2012, the median price of a home was at $119,500.

Although interest rates rose in July to the highest rate in two years, they are still at historical lows. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.37 percent in July from 4.07 percent in June, and is the highest since July 2011 when it was 4.55 percent; the rate was 3.55 percent in July 2012. Total housing inventory in Missouri is 41,574, representing a nearly six-month supply at the current sales pace.

July housing sales

In the Jefferson City area

2013 / 2012

Active listings 846 / 892

New listings 246 / 223

Units sold 106 / 122

Average sales price $153,696 / $128,143

Average days on market 86 / 80

Units sold year to date 690 / 680

Source: Jefferson City Area Board of Realtors Multiple Listing Service and Residential Statistics